EUR 100.00 For Business Accounts Only

IBERIAN DAILY 24 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AEDAS, FERROVIAL, NEINOR.

Stock markets far from highs
Stock markets saw profit taking last week due to the doubts surrounding the Fed’s decision in December and the overvaluation of the US technology sector despite NVIDIA’s good results. In the STOXX 600, Financials was the only sector in positive territory last week, followed by Household, which reported the smallest corrections whereas the US AI selloff had a contagion effect on the Technology sector (-5%), followed by Energy. On the macro side, in the euro zone, November’s PMI showed a mixed performance, with an unexpected drop in the manufacturing survey whereas the services PMI rose as opposed to expectations. In France, Lecornu’s minority government did not manage to approve the 2026 budget, which was unrealistic after exaggerating the revenue heading by € 53 Bn due to the implementation of new taxes. In the UK, October’s retail sales slowed down more than expected. In Mexico, the GDP also slowed down more than expected. In the US, last Friday L. Logan from the Fed bet on keeping the official interest rate for a longer period than expected in the 3Q’25. In Ukraine, although V. Zelenski has not accepted the general outline of the US peace plan, he is in constructive talks with the Trump administration, although the organisation most opposed is the EU.
What we expect for today
European stock markets would open with gains of around +1.0%. Currently, S&P futures are up +0.5% (the S&P 500 ended -0.5% lower vs. the European closing bell). Asian markets are flat (China’s CSI 300 +0.02% and Japan’s Nikkei is closed).
Today in Germany we will learn November’s IFO index. In US Results Agient Teechnologies and Keysight, among others, will release their earnings.


COMPANY NEWS

AEDAS, NEINOR HOMES. Improved TOB Price for AEDAS’s minority shareholders.
At Friday’s closing bell, NEINOR announced it will offer AEDAS’s minority shareholders (21% of the company not belonging to Castlelake) an improved price of € 24.00/sh., +12.5% vs. the previous offer (that continues to be the price to be paid to Castlelake and +12.7% vs. closing price) in a second offer provided that the acceptance level of the first offer by these minority shareholders does not exceed 50%. Positive news for AEDAS that should be reflected today on the market. We raise our T.P. to € 24.00/sh. to include the improved offer. This is logically negative news for NEINOR but of limited impact as this improved price increases the acquisition price of AEDAS by only +2.6%.